Plug Power wants to build green hydrogen production sites and a fuel cell and electrolyzer ‘gigafactory’ to support the shift to carbon-free power. (Credit: Plug Power) Plug Power has raised about $1 billion in a bought equity transaction to fund its plan to build what could be the first U.S.-wide network of green hydrogen production facilities to supply fuel-cell-powered vehicles, including its own, with carbon-free fuel. The Latham, New York-based company, already the country’s largest user of hydrogen to fuel forklifts and other working vehicles using its fuel cells, also intends to build a gigafactory to expand production of fuel cells and electrolyzers, spurring a phone call last week from U.S. Senator Chuck Schumer (D-New York) to the company asking it to site the factory in his home state. Tuesday’s sale of about 43.7 million shares via an underwriting agreement with Morgan Stanley brings Plug Power’s total cash post-closing balance to $1.7 billion. “The capital raise uniquely positions Plug Power to execute and accelerate on its green hydrogen strategy as well as other strategic growth initiatives,” the company said in a prepared statement. “We plan to build five green hydrogen stations across North America, using 100 tons of hydrogen […]
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